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Following is the information in relation to the defined benefit pension plan of Mimoza Ltd....

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Accounting

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Following is the information in relation to the defined benefit pension plan of Mimoza Ltd. for the year 2020. IFRS is the applicable standard here: DBO, Jan 1 $375,000 Fair value of plan assets, Jan 1 350,000 Current service cost 300,000 Interest (discount) rate 10% Expected & actual return on plan assets 9% Past service cost (as of Jan 1) 25,000 Actuarial loss 14,900 Contributions to plan 290,000 Remeasurement loss on plan assets 11,500 Payments to retirees I 250,000 Instructions a) Compute the pension expense to be reported on the income statement for 2020. b) Compute the amount to be shown as OCI for 2020. c) Calculate the fair value of the plan assets at December 31, 2020. d) Prepare the journal entries to reflect the accounting for the company's pension plan for the year ending December 31, 2020

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